Current Report Filing (8-k)
May 13 2020 - 06:07AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
FORM 8-K
______________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934
Date of Report (Date of earliest event Reported): May 7, 2020
MOSYS, INC.
(Exact Name of Registrant as Specified in Charter)
000-32929
(Commission File Number)
Delaware77-0291941
(State or Other Jurisdiction of Incorporation)(I.R.S. Employer Identification
Number)
2309 Bering Dr.
San Jose, California 95131
(Address of principal executive offices, with zip code)
(408) 418-7500
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
|
|
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock, par value $0.001 per share
|
MOSY
|
The Nasdaq Stock Market LLC
|
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (17
CFR
§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17
CFR §240.12b-2).
Emerging growth company [ ]
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period
for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the
Exchange Act. [ ]
Item
1.01.
Entry into a Material Definitive Agreement
On May 7, 2020, MoSys, Inc. (the “Company”) received a $579,330
unsecured loan (the “PPP Loan”) under the Paycheck Protection
Program, which was established under the U.S. government’s
Coronavirus Aid, Relief, and Economic Security Act (the “CARES
Act”). The PPP Loan to the Company was made through Wells Fargo
Bank, N.A. (the “Lender”), and the Company entered into a Paycheck
Protection Program Promissory Note and Agreement (the “Agreement”)
with the Lender evidencing the PPP Loan.
The term of the PPP Loan is two years. Interest will accrue on the
outstanding principal balance of the PPP Loan at a fixed rate of
1.0%, which shall be deferred for the first six months of the term
of the PPP Loan. Monthly payments will be due and payable beginning
in November 2020 and continue each month thereafter until maturity
of the PPP Loan. The Company may prepay principal of the PPP Loan
at any time in any amount without penalty. The Agreement contains
customary events of default relating to, among other things,
payment defaults, breach of representations and warranties or
provisions of the PPP Loan. The occurrence of an event of default
may result in the repayment of all amounts outstanding, collection
of all amounts owing from the Company, and/or filing suit and
obtaining judgment against the Company.
The Company may apply to the Lender for forgiveness of the PPP
Loan, and the amount which may be forgiven will be equal to the sum
of the payroll and benefit costs and covered rent and utility
payments incurred by the Company during the eight-week period
beginning on May 7, 2020, as calculated in accordance with the
terms of the CARES Act. No assurance is provided that the Company
will obtain forgiveness of the PPP Loan in whole or in part, but
the Company intends to use the proceeds in accordance with the PPP
Loan program.
The foregoing descriptions of the Agreement do not purport to be
complete and are qualified in their entirety by reference to the
full text of the Agreement attached to this Form 8-K as Exhibit
10.1 and incorporated herein by reference.
Item 2.03. Creation of a Direct Financial Obligation or an
Obligation under an Off Balance Sheet Arrangement of the
Registrant.
The disclosure in Item 1.01 and Exhibit 10.1 of this Current Report
on Form 8-K are incorporated herein by reference.
Item 9.01
(d) Exhibits.
Exhibit
No.Description
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
MOSYS, INC.
|
Date:
May
12,
2020
|
By: /s/
James W. Sullivan James W. Sullivan
|
|
Vice President of Finance and Chief Financial Officer
MoSys (NASDAQ:MOSY)
Historical Stock Chart
From Dec 2020 to Jan 2021
MoSys (NASDAQ:MOSY)
Historical Stock Chart
From Jan 2020 to Jan 2021